All Forum Posts by: Matt Whitermore

@Matt Castle @Dennis M. @John Teachout thank you very much for the tips. great stuff!

Unfortunately I don't believe Albany is a market where you will benefit from quickly appreciating properties or rapid rent growth. However, on the flip side, Albany seems to be insulated from swift market changes so, in my opinion, there is lower risk of values declining, especially compared to other Upstate NY markets. The government employment center is a huge factor in this with something like 40,000 government employees.

Hi all,

I am under contract on a 3-family house in Albany, NY and was hoping to pick the brain of anyone out there who has experience with old properties like this built pre-1900. Is there anything I should be looking out for with my home inspector during my home inspection other than the obvious items - foundation/structural, mechanicals, etc.?

Thanks!

@Anthony Espinal Hey Anthony. Going to connect with you and send a message.

@Matthew S Lerner Welcome to the forums! Do you have any neighborhoods or communities you’re particularly interested in? I should be coming across opportunities in those areas in the coming months so I will send you a message to connect for a conversation.

For anyone who is curious about the answer to the question above - feel free to reach out. The tax assessor's office returned my call and provided me with a solution.

Does anyone out there on BP have experience doing research using the Albany County tax rolls and/or the County Clerk's website for online records search?

I am coming across a number of properties in the tax roll where the "Deed Book / Page" indicated in the tax roll comes up with no results on the County Clerk's online records search. I thought perhaps there was a lag in the County uploading the records to the online search site, but I spoke with the Clerk's office and they indicated records are up to date. I also have a call out to the Tax assessor's office to see if I can learn anything from them on the issue, but wanted to see if anyone here is aware of the issue I am referring to.

Hey Chris,

Welcome and happy hunting. Have you selected any neighborhoods yet?

Thanks,

Matt

Hi everyone,

I am looking at multifamily rentals in Albany and have been calling around to local banks and credit unions to get a feel for what lenders are doing in the market. It seems like most banks would have to stretch to get to 75% LTV and a 25 year amortization. Is anyone doing 30 year amortizations on commercial loan products? Or 80% LTV?

I'd love to talk to any lenders or commercial mortgage brokers who are on BP and active in the area!

Thanks!

 Thanks for the reply! Shooting you a message now to connect.